St Brides Partners Weekly Brief, Saturday 18th December 2021

It is the run-up to Christmas day, meaning it’s the time for Christmas movies, like ‘Love Actually’, ‘Die Hard’ and ‘Elf’ and the weather seems to be milder – bringing a welcome change from the normally rainy days.

Thankfully, the potential shortage of alcohol that we were warned about a few weeks ago hasn’t come to pass, meaning we won’t be running out of bubbles to enjoy on Christmas Day!

The Bank of England has raised interest rates to 0.25% with the potential of three more rate rises as well, in an effort to curb rampant inflation, which is at its highest point in over a decade (5.1%). The FTSE has risen over 0.2% today as retail sales figures for November were higher than expected, with sales at clothing stores higher than pre-pandemic figures.

HSBC shares have fallen today with the news that they are being fined £64m for failures on their anti-money laundering controls. Thankfully, there has been a sharp reversal of the rally for gas prices and European prices have plunged as much as 16pc after Russia made a last-minute decision to top up fuel supplies to the continent.

Client News:
Cora Gold Limited (AIM: CORA) provided an update on its Definitive Feasibility Study for the Sanankoro Gold Project in Southern Mali. All of the key consultants and contractors that were appointed in September have completed site visits and numerous work streams have been successfully advanced. Test work samples have been sent to the lab for analysis, geophysics work has been completed, drilling programmes are underway, and site layout has been developed to include a process plant and TSF locations. The DFS remains on schedule to be completed in H1 2022, as per the terms of the US$25m Lionhead Capital Term Sheet.
“We are making excellent progress in advancing the DFS at Sanankoro, which when completed, will unlock the US$25 million Lionhead Capital funding to support the construction of the mine.  With various milestones already completed in the DFS process, the next stage in Sanankoro’s development of completing the ESIA is well on track to be finalised in H1 2022,” according to Bert Monro, CEO of Cora.

Trident Royalties Plc (AIM:TRR, FSX:5KV) announced the proposed acquisition of a portfolio of producing gold offtake streams from funds managed by Orion Resource Partners for US$69.75 million. The portfolio consists of seven producing gold mines covering six countries with five operators. The milestone acquisition represents Trident’s largest to date and a 250% increase in the number of producing royalties and streams in its portfolio.
“For Trident and our shareholders, the impact of the acquisition of this portfolio of producing gold offtake streams cannot be overestimated. This acquisition, our largest to date by far, materially increases scale and diversification and importantly demonstrates further support for our business model from Orion, which will substantially increase its shareholding in Trident,” said Adam Davidson, Chief Executive Officer of Trident.

Trident’s presentation of the proposed acquisition of the portfolio of 7 assets can be found here: https://bit.ly/3pWhmQp .

Trident has also secured a 40 million loan facility from Macquarie Bank to be used to retire its existing $10m secured loan facility with the balance used to complete the gold offtake acquisition.

Adam Davidson will also provide a live presentation via the Investor Meet Company platform on Monday 20th December 2021 at 3:00pm GMT to discuss the company’s recent activities and future growth plans. Investors can sign up to Investor Meet Company for free and watch the presentation here.

Kodal Minerals (AIM:KOD) has updated the market on recent drilling at the Fatou Gold project and ongoing works at the Bougouni Lithium project, both located in Mali.
“Kodal is now working on multiple projects across southern Mali and Northern Cote d’Ivoire, including working towards construction at our fully permitted Bougouni Lithium project and proving up what we believe will be a very significant global resource inventory across our gold assets,” said Bernard Aylward, CEO of Kodal Minerals.

Bernard Aylward is also providing a live presentation via the Investor Meet Company platform on Monday 20 December 2021 at 10:00am GMT. The presentation is open to all existing and potential shareholders. Investors can sign up to Investor Meet Company for free and add to meet Kodal Minerals here.

Harvest Minerals Limited (AIM: HMI), the remineraliser producer, announced that it has finished the construction of its solar power facility, which will meet 100% of the power requirements at its Arapua Fertiliser Project in Brazil.
“Our zero-carbon strategy takes a big step forward with the completion of the installation of our solar power facility. We will experience immediate impact on the reduction of our carbon footprint as well as in the bottom line with substantial and ongoing cost savings. In the year we qualified for the London Stock Exchange’s Green Economy Mark, this achievement is another big statement to our commitment to ensuring our operations and products are as sustainable as possible,” said Brian McMaster, Chairman of Harvest.

Plexus Holdings PLC (AIM:POS) announced that it has entered into an agreement with Cameron to expand the scope of the existing licence agreement, which enables Cameron to use Plexus’ POS-GRIP® method of wellhead engineering on conventional and unconventional surface production oil and gas wells.
“The signing of this Variation Agreement follows on from the November 2020 surface production wellhead licence with Cameron, through which Plexus has completed a technology transfer and is now supporting Cameron’s efforts to develop its own production surface wellhead products utilising POS-GRIP® technology,” Plexus’ CEO Ben van Bilderbeek commented.

Europa Oil & Gas (AIM:EOG) notes that the operator of Wressle, Egdon Resources U.K,  updated the market on progress at the oilfield. Europa holds a 30% working interest alongside Egdon (30%) and Union Jack Oil (40%). The Wressle-1 well has continued to exceed expectations since the successful completion of the proppant squeeze and subsequent coiled tubing operations on 19 August. ​​​​​​​​​​​​​​​​​​​​​Works have been completed to upgrade the gas incineration system. Despite being flowed under a highly restricted choke (20/64 inch), whilst upgrade works are ongoing, Wressle produced at an average rate of 666 barrels of oil per day plus 368,000 cubic feet of gas over the last 7-day period.

Empire Metals Limited (AIM:EEE) announced an exploration update for the Eclipse Gold Project located within the Eastern Goldfields of Western Australia.  A strategic technical review has revisited all data collected over the Project licence area and focused on developing a more advanced understanding of the structural controls on the known gold mineralisation. The current database highlights the potential of significant additional mineralisation discovery within the licence area. The design of a larger-scale exploration programme is also underway, to test gold targets to the north and northwest areas of the licence area.
“A thorough and rigorous assessment of the data collected to date has been completed, leading to a much better understanding of the geological and structural controls of the gold mineralisation, which is vital for designing and implementing the next phase of exploration,” according to Shaun Bunn, Managing Director.

In case you missed this…
Bernard Aylward, CEO of Kodal Minerals interviewed with Zak Mir on Vox Markets.
Aylward, also talked to BRR media  about Kodal’s latest project news.
Paul Smith, Chairman of Trident Royalties, spoke to Zak Mir of Vox Markets on the latest proposed acquisition of 7 gold producing assets.
CEO of Seed Innovations, Ed McDermott, discussed interim results and future developments with Zak Mir on Vox Markets.
Chairman of Harvest Minerals, Brian Mcmaster featured on Proactive with Andrew Scott.
Adam Davidson, CEO of Trident Royalties, talked to Proactive on their biggest deal yet.

In other news…
AI argues for and against itself in Oxford Union debate, reports the BBC.
Arise Sir Lewis Hamilton: Formula One star is knighted by Prince Charles.
I recreated The Holiday to see if I could find love in New York.


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